The Singaporean government has yet to decide whether it will extend its Formula One race contract beyond 2012.

Over the weekend, F1 chief executive Bernie Ecclestone said he would be happy if the sport continued to return for another 20 years, after the race has become an annual highlight in its three years on the calendar so far.

But senior minister of state S. Iswaran said on Sunday the government would need to weigh up the costs and benefits before making a decision about the future of the event.

"We want to make sure the economic benefits are justifiable going forward," he told reporters on Sunday night. "I would say the decision to proceed will rest on a robust cost-benefit analysis, and clearly the terms on any deal we get going forward."